Global Carbon Dioxide Emissions Hit Record High in 2023, International Energy Agency Reports

Mar 04, 2024

The International Energy Agency (IEA) has released a concerning report, stating that global carbon dioxide emissions reached a historic high last year. According to the IEA, extreme droughts hindered hydroelectric power production in major economies, leading to a significant increase in fossil fuel usage.

In its latest report, the Paris-based agency revealed that energy-related carbon dioxide emissions reached 37.4 billion tons in 2023, marking a rise of 410 million tons, or 1.1%, compared to the previous year. More than 40% of this increase was attributed to the use of fossil fuels to compensate for the shortfall in hydroelectric power.

Of particular note, emissions in India surged by over 7% due to a weakened monsoon season affecting hydroelectric generation. The report underscores the emissions resulting from mineral fuel usage across all energy purposes and industrial processes.

While emissions from developed economies decreased by 4.5%, reaching their lowest levels in 50 years, this was primarily due to robust adoption of renewable energy and energy efficiency measures, as well as softer industrial production and reduced energy demand stemming from mild weather conditions.

The IEA highlighted that renewable energy and nuclear power accounted for 50% of electricity generation in these economies, with renewable energy alone constituting 34%, while coal's share dropped to a historic low of 17%.

In the European Union, despite economic growth of approximately 0.7%, emissions from energy combustion declined by nearly 9% in 2023, driven by a surge in renewable energy generation and declines in coal and natural gas usage. In the United States, emissions fell by 4.1% despite a 2.5% economic growth, attributed to increased renewable energy and natural gas generation rather than coal.

However, the IEA cautioned that the deployment of clean energy remains disproportionately concentrated in developed economies and China. It called for intensified efforts globally to increase investment and utilization of clean energy in emerging and developing economies.

Despite the overall slowdown in emissions growth facilitated by the expansion of renewable energy and electric vehicles, the IEA emphasized the urgent need for energy transition. The agency's Executive Director, Fatih Birol, stressed that while the transition to clean energy has faced numerous challenges in recent years, including the pandemic, energy crises, and geopolitical turmoil, progress has been evident in many economies.

Additionally, in a separate report by the US National Snow and Ice Data Center, it was revealed that Antarctic sea ice extent has hit a record low for the third consecutive year, posing significant consequences for global climate patterns and sea-level rise.

These reports underscore the critical need for immediate and concerted action to address climate change and accelerate the transition to clean energy sources, as the consequences of inaction are becoming increasingly dire and far-reaching.

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Global Carbon Dioxide Emissions Hit Record High in 2023, International Energy Agency Reports

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